If you’ve been running your business for a while, you may have started to consider printing payroll checks in-house.
You’ve heard of the many benefits of printing your own checks, but you want to make sure that you’re making the most secure decision you can. The last thing you want is to run into any security issues because you didn’t have systems in place to foresee the issue before it arose.
With a MICR (magnetic ink character recognition) printing solution, you’ll not only have peace of mind that the checks you’re printing are fraud-proof, but you’ll also cut time and costs from printing your payroll checks through a third party.
Want to know how using both MICR software and hardware improves the payroll printing process? Here are all of the benefits of printing your payroll checks in-house with a MICR printing solution.
5 Ways a MICR Solution Improves Printing Payroll Checks
1. Print On Demand at Any Location
By adding MICR software to print payroll checks to all of your locations, you no longer have to physically leave your business to collect paper paychecks from the bank.
Going to the bank at the end of every pay period adds another unnecessary step that you can simply bypass by using a MICR printer in your business. With a MICR printer for payroll checks, your team can print checks on-demand in remote locations without sacrificing security or control over the process.
2. Centrally-Located Activity Monitoring
Let’s say you only need one location to house your payroll activity. With business payroll check printing software, your team can monitor activities during the check-issuing process at remote offices from one central location.
By using a browser to access your software, your local staff can print accounts payable and payroll checks in real time without any delays.
3. Automated Reporting
Since most MICR printers communicate with MICR software products in real time, you should always know the status of your disbursements. Complete transaction visibility, electronic auditing, and full reporting make printing payroll checks easier with software that is both robust and easy to use.
Utilizing MICR payroll check printing software also makes the check printing process simple to track and automate so you can see full visibility into the amount your business spends on payroll. This can help your management team strategically make better scheduling and other business-related decisions.
4. Eliminate the Risk of Fraud
With payroll check printing software, your data is generally encrypted through the entire process: from the central location to the remote PC and all the way to the secure MICR printer, where printing payroll checks can happen quickly with a single printer pass.
This level of security embedded in the software virtually eliminates the risk of check fraud associated with purchasing, handling, storing, and securing pre-printed checks.
5. Cut Costs and Save Time
Using a MICR printing solution, your team gains cost and time efficiency. Because of the on-demand, remote printing capabilities, the need for expensive pre-printed checks — and the manual process of printing check stubs on pre-printed checks — is completely eliminated.
But how exactly do you cut costs and time by printing your own payroll checks?
You cut costs by not having to pay expensive check fees at the bank. By printing your checks on blank check stock in your MICR payroll check printer, you eliminate third-party check printing expenses.
With a secure MICR printer, you also don’t have to worry about paying bank fees if a check is illegible or does not meet the right check specifications. Keep in mind that this fee does not fall onto the employee but the establishment that originally printed the check. To avoid unnecessary bank fees, it’s important to make sure that your check printing system is ISO-compliant.
You save time by not having to send an employee to travel to collect your payroll checks. This allows for the employee to do other tasks that have a higher value to your business. Plus, you’ll no longer need to give travel reimbursements to the employee who generally collects the checks.
How to Print Payroll Checks With Source Technologies
At Source Technologies, we developed CheckPartner® Enterprise software and combined it with our MICR check printers to create a secure accounts payable and payroll check software solution.
With our reliable MICR solution, printing payroll checks for your company will be faster and easier as you enjoy all of the benefits listed above. Connect with our team to see how MICR check printing can benefit your business.
